The first five minutes are typical great wu'xia. Flying silks, in-the-air kung fu, lots of evil glares. Wonderful.
But then it falls in a heap. Lam Ching Ying leaps in for about 30 seconds, but contributes little.
And moving the story to the present day doesn't help much. Villain Sherry becomes a drug dealer. Her rival becomes the police inspector pursuing her. There are a couple of quite good fight scenes, but not a lot else.
LamCY comes back briefly. His part appears to have been shot separately, as he never appears in the same frame as any other character.
Rather dull.